Goldman Sachs to Buy NEOS in Deal Valued at Up to $2.25B, Fast-Tracking Entry Into Bitcoin Yield ETFs

Goldman Sachs has agreed to acquire ETF manager NEOS Investments in a transaction valued at up to $2.25 billion, according to CoinDesk. Once the deal closes, NEOS’s roughly $30 billion lineup of options-income ETFs—including one of the largest bitcoin covered call funds—will be folded into Goldman Sachs Asset Management. A centerpiece of the acquisition is NEOS's crypto yield ETF business. Its flagship product, BTCI, has gathered about $1 billion in assets since launch by generating monthly income largely through selling options tied to bitcoin exposure, a strategy that can cap some upside. NEOS also runs a similar Ethereum-based offering. The purchase gives Goldman Sachs immediate scale in a category it has been moving toward on its own. In April, the firm filed to launch a Bitcoin Premium ETF designed to sell options on spot bitcoin ETFs to generate income. By buying NEOS, Goldman is opting for an established platform and existing products rather than waiting for a new fund to launch and then building assets. The broader market for derivative-driven income ETFs has been expanding quickly. Morningstar data show assets in these strategies—built to produce cash flow through derivatives such as options—have climbed to around $180 billion since 2021, implying a compound annual growth rate above 70%. Key figures and timeline: - Transaction value: Up to $2.25 billion - Assets to be integrated: About $30 billion in options-income ETFs - Expected closing: Q1 2027 The deal still requires regulatory approval. After closing, NEOS co-founders Garrett Paolella and Troy Cates are expected to join Goldman Sachs Asset Management as partners.